New Home Sales Bounce Back in July
Mortgage News from Quicken Loans
The pace at which newly constructed homes are selling remained unpredictable in July, beating forecasts by rising 2.8 percent over June's rate, according to a report issued today by the U.S. Census Bureau and the Department of Housing and Urban Development.
Bob Walters, chief economist at Quicken Loans, says this stronger than expected report has provided some encouraging signs on Wall Street, as the inventory of unsold homes dropping from a 7.5 month supply to a 6 month supply.
"The housing market is receiving support from both the builder and the finance sides of the equation," says Walters. "Builders have reduced their asking prices and offered incentives to create more consumer interest in the excess housing inventory. On the lending side, despite the noise emanating from the subprime issues, most people do have good credit and can document their income, and still have many financing options available to them."
This article is reprinted by permission from Quicken Loans © 2007 Quicken Loans Inc. All rights reserved.
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